Obama promised he would cut spending. Obama promised he would “cut our deficit in half by the end of my first term.”
Here’s the thing. Obama not only lies; he lies knowing full damn well he’s lying. He promises to cut spending when at the very same time he keeps calling for more and more spending than not only this nation but THE ENTIRE PLANET AND HUMAN RACE have ever seen. Obama rammed through an $862 billion stimulus that the CBO said would actually cost the American people $3.27 TRILLION. And then if that wasn’t enough he recently set out to demonize Republicans for not doing the same insane thing AGAIN with his jobs bill that not even DEMOCRATS will pass (and see here).
And under Obama, the projected future deficits easily top a trillion a year for as far into the future as the eye can see. Not that America will make it that long before it implodes.
This guy is genuinely evil. He is a liar without shame. And he is leading us to complete economic collapse.
On November 16th the U.S. National Debt is set to soared above the $15 trillion mark for the first time in history. As this staggering figure is digested by the nation; politicians seem to be oblivious to the ramifications of their uncontrolled spending and resulting debt burden as it continues to climb with no end in sight.
While the global financial system remains transfixed by the problems of Greece and several other European countries risking default over their massive debts, the real threat is whether the credit standing and currency stability of the world’s biggest borrower, the United States, will be jeopardized by its disastrous outlook on deficits and debt.
That’s the fear raised in a penetrating Op-Ed found on the Financial Times website written by Roger Altman, a former deputy U.S. Treasury secretary under President Clinton who is now chairman of Evercore Partner, a leading global advisory and investment firm.
“America’s fiscal picture is even worse than it looks,” Altman writes. “The non-partisan Congressional Budget Office just projected that over 10 years, cumulative deficits will reach $9.7 trillion and federal debt 90 percent of gross domestic product – nearly equal to Italy’s.
While President Obama is preparing for a difficult re-election fight next year; Republican candidates from Mitt Romney to Herman Cain have pounced on the country’s economic woes in their bids to win the GOP nomination and the chance to oppose Obama.
Neither party seems open to fully embracing the Simpson and Bowles Committee recommendations that many citizens would agree are the most common-sense and comprehensive solutions to the nation’s revenue and debt problems.
The Occupy Wall Street protests directed at the nation’s financial inequalities continue to rage across the country; but one has to question if these protest wouldn’t be more accurate if consolidated in Washington D.C. where each citizen is being punished for the unconscionable purchase of votes by entitlement politicians.
It took nearly 200 years for the United States to rack up $1 trillion, but the federal government has certainly made up for lost time by increasing the debt by another $14 trillion in just the past 40 years.
Passing this significant milestone may mean that President Barack Obama will have to request another debt ceiling increase before next years election.
And while neither party seems committed to cutting the national debt, Republicans in Congress have showed some backbone in opposing further borrowing by the government. And some may argue that the acrimonious debate on Capitol Hill a few months ago about raising the national debt ceiling illustrates that politicians are finally hearing outrage from the citizenry.
The “Super Committee” is having trouble coming up with a mere 1.2 trillion in cuts for the next 10 years (a pittance of the amount needed to reduce the debt) and no better luck than Congress did as a whole in tackling the overall problem of spending.
No one can argue that President George W. Bush bears a great deal of responsibility for this mess and it was evident that the growing debt and lack of conservative fiscal policies cost the Republicans in the 2008 elections.
What is unclear is whether Obama’s big-government liberal tendencies that have increased spending by more than $4 trillion in just three years will cause his defeat in 2012 and the reversal of the growing debt trend by installing a new administration with debt reducing policies.
View: US Debt Clock
Under Obama’s “leadership,” the United States will pay nearly $700 billion in interest alone each year to service our debt.
This nation is almost certainly doomed because the American people were foolish enough at a critical point in our history to elect a fool to lead them.
God damn America is about to come crashing down.